ZASO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ZASO
Largest movements
- Tangible fixed assets -€24,608
down €24,608 (-28.6%), from €86,143 to €61,535
of which Plant, machinery and equipment: -€14,308
- Receivables within one year +€14,562
up €14,562 (+163.0%), from €8,931 to €23,493
of which Other amounts receivable: +€11,875
- Cash +€8,105
up €8,105 (+45.3%), from €17,887 to €25,992
mainly Depreciation (+€24,608) and Other debts (+€19,232)
- Stocks and contracts +€2,530
up €2,530 (+49.0%), from €5,160 to €7,690
- Other debts +€19,232
up €19,232 (+461.4%), from €4,168 to €23,400
- Profit (loss) carried forward -€14,547
down €14,547 (-85.5%), from -€17,007 to -€31,554
- Current portion of long-term debt -€13,023
down €13,023 (-60.8%), from €21,429 to €8,406
- Trade debts +€9,971
up €9,971 (+68.6%), from €14,532 to €24,503
- Short-term financial debts -€4,375
down €4,375 (-18.9%), from €23,140 to €18,764
- Staff costs +€49,883
up €49,883 (+16.2%), from €308,579 to €358,463
- Gross operating margin +€19,636
up €19,636 (+5.5%), from €357,779 to €377,415
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €133,629 | €134,218 | +€589 | +0.4% |
| Fixed assets | 21/28 | €88,943 | €64,335 | -€24,608 | -27.7% |
| Tangible fixed assets | 22/27 | €86,143 | €61,535 | -€24,608 | -28.6% |
| Plant, machinery and equipment | 23 | €35,600 | €21,292 | -€14,308 | -40.2% |
| Furniture and vehicles | 24 | €13,230 | €8,286 | -€4,945 | -37.4% |
| Other tangible fixed assets | 26 | €37,313 | €31,958 | -€5,355 | -14.4% |
| Financial fixed assets | 28 | €2,800 | €2,800 | = | 0.0% |
| Current assets | 29/58 | €44,686 | €69,883 | +€25,197 | +56.4% |
| Stocks and contracts in progress | 3 | €5,160 | €7,690 | +€2,530 | +49.0% |
| Stocks | 30/36 | €5,160 | €7,690 | +€2,530 | +49.0% |
| Amounts receivable within one year | 40/41 | €8,931 | €23,493 | +€14,562 | +163.0% |
| Trade receivables | 40 | €4,251 | €6,938 | +€2,687 | +63.2% |
| Other amounts receivable | 41 | €4,680 | €16,556 | +€11,875 | +253.7% |
| Cash at bank and in hand | 54/58 | €17,887 | €25,992 | +€8,105 | +45.3% |
| Deferred charges and accrued income | 490/1 | €12,708 | €12,708 | = | 0.0% |
| Total equity and liabilities | 10/49 | €133,629 | €134,218 | +€589 | +0.4% |
| Equity | 10/15 | €30,432 | €15,885 | -€14,547 | -47.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €28,839 | €28,839 | = | 0.0% |
| Tax-exempt reserves | 132 | €26,979 | €26,979 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,007 | -€31,554 | -€14,547 | -85.5% |
| Amounts payable | 17/49 | €103,197 | €118,333 | +€15,136 | +14.7% |
| Amounts payable within one year | 42/48 | €103,197 | €118,333 | +€15,136 | +14.7% |
| Current portion of amounts payable after more than one year | 42 | €21,429 | €8,406 | -€13,023 | -60.8% |
| Financial debts | 43 | €23,140 | €18,764 | -€4,375 | -18.9% |
| Credit institutions | 430/8 | €23,140 | €18,764 | -€4,375 | -18.9% |
| Trade debts | 44 | €14,532 | €24,503 | +€9,971 | +68.6% |
| Suppliers | 440/4 | €14,532 | €24,503 | +€9,971 | +68.6% |
| Taxes, remuneration and social security | 45 | €39,928 | €43,259 | +€3,331 | +8.3% |
| Taxes | 450/3 | €18,357 | €14,836 | -€3,521 | -19.2% |
| Remuneration and social security | 454/9 | €21,571 | €28,423 | +€6,852 | +31.8% |
| Other amounts payable | 47/48 | €4,168 | €23,400 | +€19,232 | +461.4% |
| Remuneration, social security and pensions | 62 | €308,579 | €358,463 | +€49,883 | +16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,291 | €24,608 | -€683 | -2.7% |
| Other operating charges | 640/8 | €2,061 | €1,809 | -€252 | -12.2% |
| Gross operating margin | 9900 | €357,779 | €377,415 | +€19,636 | +5.5% |
| Operating profit (loss) | 9901 | €21,848 | -€7,465 | -€29,313 | |
| Financial income | 75/76B | €0 | €5 | +€5 | +2365.0% |
| Recurring financial income | 75 | €0 | €5 | +€5 | +2365.0% |
| Financial charges | 65/66B | €7,103 | €7,087 | -€15 | -0.2% |
| Recurring financial charges | 65 | €7,103 | €7,087 | -€15 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €14,746 | -€14,547 | -€29,293 | |
| Profit (loss) for the period | 9904 | €14,746 | -€14,547 | -€29,293 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,746 | -€14,547 | -€29,293 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.